Ouster generated $169 million in revenue for 2025, a 52% increase year over year (32% excluding $23 million of primarily one-time royalty revenue). GAAP gross margin improved 13 points to 49%, with royalties contributing eight points. The company shipped over 25,000 sensors (up 48%), recorded $177 million in bookings for a 1.2x book-to-bill, and ended the year with $211 million in cash and no debt, producing positive adjusted EBITDA of $11 million.

In Q4, Ouster reported $62 million in revenue, including $41 million of product sales, marking the 12th consecutive quarter of product revenue growth. GAAP gross margin reached 60%, boosted by a 20-point impact from royalties. The company shipped a quarterly record of more than 8,100 sensors, reduced GAAP operating expenses by 6% to $37 million, and delivered positive adjusted EBITDA of $11 million.

Ouster emphasized three strategic priorities: scaling its software-attached business, transforming its product portfolio, and advancing toward profitability. Software-attached bookings more than doubled, representing over 15% of sensors shipped. In-house AI models run across 1,200+ sites, and the company released four SDK versions including on-sensor 3D Zone Monitoring and real-time localization features. The Stereolabs acquisition creates a unified sensing platform integrating lidar, cameras, AI compute, and perception software, expected to be high-growth and accretive over time.

For Q1 2026, Ouster expects revenue of $45 million to $48 million, including roughly seven weeks of Stereolabs contributions. Royalty revenue is forecast at under $5 million, mostly in the back half of the year. GAAP operating expenses are projected to rise 5%–8%, and management reiterated long-term targets of 30%–50% annual revenue growth and 35%–40% gross margins, with priorities on next-generation lidar, camera, and AI compute products.